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Australian Dollar Trades at 10-Week Highs

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The Australian Dollar added 0.00215 points or 0.28% to 0.78614 in early Asian deals on Monday, trading at 10-week highs as the Greenback slipped after underwhelming US jobs data last week eased investor concerns about higher inflation and a cutback in stimulus. Nonfarm payrolls increased by 266K on Friday, well below forecasts of nearly one million, while the unemployment rate rose to 6.1%. Local 10-year rates were at 3-week highs of 1.635% while US 10-year rates were near 2-week lows of 1.575%. The commodity-linked Aussie also received a boost as iron ore jumped 5.1% over the weekend to a record US$212.25. Copper has also extended its rally to historical highs of $US10,440, while spot gold was at 3-month highs of $US1835.15. Later in the session, market participants will be looking toward local business confidence and retail sales data.

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